LI AUTO(US:LI) 36氪·2025-11-20 10:43Core Viewpoint - Li Auto is undergoing unprecedented pressure, with October sales dropping to 31,767 vehicles, reflecting a decline both year-on-year and month-on-month. The company is recalibrating its strategies in response to these challenges, particularly in product development, overseas expansion, and AI investment [6][7]. Sales Performance - In October, Li Auto sold 31,767 vehicles, marking a decline in both year-on-year and month-on-month comparisons. The new pure electric model i8 has underperformed, while the i6, which has high orders, is constrained by production capacity [6][7]. Strategic Adjustments - Li Auto held a three-day closed-door strategy meeting to reflect on various issues, including sales decline and product development. The company acknowledged that its efficiency has slowed and that its product and organizational rhythms are not keeping pace with current competition [6][9][14]. Product Development Challenges - The company admitted that its product iteration cycle has become too slow, with the L series sales dropping from over 50,000 to around 20,000 units. The i8 and i6 face stiff competition from rivals like NIO and Xiaomi [9][11]. Overseas Expansion - Li Auto's previous reliance on parallel exports has led to a significant drop in overseas sales due to tightening policies. The company is now accelerating its overseas strategy, which had previously been deemed a low priority until 2028 [17][18]. AI Investment - The company is increasing its investment in AI, focusing on enhancing reasoning computing power. Li Auto currently has 10 EFLOPS of training power and 3 EFLOPS of reasoning power, with plans to launch a second-generation chip in two years [21][23][24]. R&D Strategy - Li Auto is shifting its R&D approach to prioritize product differentiation and reduce reliance on cost-effectiveness metrics. The company plans to establish an independent R&D system to foster innovation [13][14][27]. Market Positioning - The competitive landscape is intensifying, with rivals like Huawei and Xiaomi launching numerous models. Li Auto is adjusting its product strategy to focus on creating standout models rather than relying on a family of similar designs [11][12][27].